Concern over an economic downturn due to a slowdown in emerging-market economies and financial-market volatility
First written in FY2016-Q2. 15 of 34 entries say "Worsened", first in FY2020-Q1. Latest entry: 2026-10-05.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- 2026-10-05WorsenedEarnings
「Looking ahead, attention is required regarding geopolitical risks, including the situation in the Middle East, and the effects of natural disasters, as well as the long-term interest rate reaching a level approximately the highest in 30 years.」
The company explicitly warned of high long-term interest rates, geopolitical risks and natural disasters. - FY2026-H1RestatedAnnual report
「Looking ahead, it remains necessary to monitor the effects of geopolitical risks, including the situation in the Middle East, and volatility in financial and capital markets.」
Continued caution regarding geopolitical risks, including the situation in the Middle East, and volatility in financial and capital markets has been indicated. - FY2025WorsenedAnnual report
「Looking ahead, an economic recovery is expected against the backdrop of improvements in employment and income conditions, but the effects of US reciprocal tariff measures and the continued rise in prices pose downside risks to the domestic economy, requiring attention together with volatility in financial and capital markets.」
In addition to the previous risks in overseas economies and financial markets, US reciprocal tariff measures and continued price increases were explicitly identified as downside risks to the domestic economy. - FY2025-H1WorsenedAnnual report
「Looking ahead, uncertainty surrounding US reciprocal tariff measures and declining consumer sentiment resulting from prolonged high prices pose downside risks to the domestic economy, requiring attention together with trends in overseas economies and financial and capital markets.」
In addition to the previous uncertainty in overseas economies and financial markets, uncertainty surrounding US reciprocal tariff measures and declining consumer sentiment caused by high prices were explicitly identified as downside risks to the domestic economy. - FY2024-Q2WorsenedAnnual report
「Meanwhile, uncertainty about the outlook for the Chinese economy poses downside risks to the domestic economy, and it remains necessary to monitor developments together with the unstable international situation, the Bank of Japan's review of monetary policy and rising prices.」
In addition to uncertainty about the outlook for the Chinese economy, the Bank of Japan's monetary policy review and rising prices were explicitly identified as downside risks to the domestic economy. - FY2024-Q1Addition of downside risks from the situation in the Middle East and other factorsAnnual report
「Meanwhile, the situation in the Middle East, along with global monetary tightening and uncertainty about the outlook for the Chinese economy, poses downside risks to the domestic economy, and it remains necessary to monitor these factors together with rising prices, exchange-rate trends and volatility in financial and capital markets.」
In addition to the previous global monetary tightening, uncertainty surrounding the Chinese economy and uncertainty in prices, foreign exchange and financial markets, the situation in the Middle East was explicitly identified as a downside risk to the domestic economy. - FY2023-Q3WorsenedAnnual report
「Meanwhile, attention remains necessary regarding the effects of downside risks to overseas economies resulting from global monetary tightening and stagnation in the Chinese economy, as well as the effects of rising prices.」
While the normalization and recovery of economic activity have been indicated, downside risks from global monetary tightening, stagnation in the Chinese economy and rising prices continue to be explicitly identified. - FY2023-Q2WorsenedAnnual report
「Meanwhile, a prolonged Russian invasion of Ukraine and global monetary tightening, among other factors, have raised concerns about the risk of a global economic downturn, while high oil prices and rising prices have created downside risks to the economy, requiring attention to future economic trends.」
In addition to the previous concerns about global monetary tightening and a downturn in overseas economies, downside risks from the prolonged invasion of Ukraine, high oil prices and rising prices continue to be explicitly identified. - FY2023-Q1RestatedAnnual report
「During the three-month period ended 28 February 2023 (1 December 2022 to 28 February 2023), Japan's economy showed signs of a moderate recovery as economic activity continued under the conditions of living with COVID-19. A downturn in overseas economies against the backdrop of global monetary tightening and the effects of rising prices were identified as downside risks, requiring attention.」
While the economy is showing signs of recovery under the conditions of living with COVID-19, a downturn in overseas economies resulting from global monetary tightening and the effects of rising prices continue to be identified as downside risks. - FY2022WorsenedAnnual report
「Meanwhile, attention is required regarding the effects of a downturn in overseas economies against the backdrop of global monetary tightening and difficulties securing resources and surging prices resulting from the situation in Russia and Ukraine, as well as inflation caused by excessive yen depreciation.」
In addition to the previous pandemic and financial market risks, global monetary tightening, difficulties securing resources and surging prices, and inflation caused by the weaker yen were identified as factors posing downside risks to the economy. - FY2022-Q3WorsenedAnnual report
「Meanwhile, attention is required regarding the impact on domestic corporate earnings and private consumption of a downturn in overseas economies against the backdrop of global monetary tightening, and rising prices caused by surging resource prices and the weaker yen.」
In addition to the previous geopolitical risks and pandemic and financial market uncertainty, global monetary tightening, a downturn in overseas economies, surging resource prices and inflation caused by the weaker yen were explicitly identified as concerns. - FY2022-Q2WorsenedAnnual report
「Meanwhile, it is necessary to monitor the effects of supply chain constraints and surging resource prices against the backdrop of Russia's invasion of Ukraine, as well as changes in financial conditions resulting from the rapid depreciation of the yen and the resulting pressure on corporate earnings and domestic household finances.」
In addition to the previous pandemic and financial market risks, supply chain constraints, surging resource prices, the rapid depreciation of the yen and pressure on corporate earnings and households resulting from the invasion of Ukraine were explicitly identified as new concerns. - FY2022-Q1WorsenedAnnual report
「Geopolitical risks have increased amid the recent instability in the international situation triggered by Russia's invasion of Ukraine, and it is also necessary to monitor the resulting disruption to the global economy and surging resource prices in developed countries.」
In addition to the previous risks from the pandemic and financial market uncertainty, explicit mention was made of geopolitical risks arising from Russia's invasion of Ukraine, disruption to the global economy and surging resource prices. - FY2021-Q3RestatedAnnual report
「The domestic economy has shown signs of recovery, including real GDP for April-June 2021 increasing 1.3% quarter on quarter on an annualized basis, but it remains necessary to monitor downside risks from the domestic resurgence of infections observed since July and volatility in global financial markets.」
While the domestic economy is showing signs of recovery, caution regarding downside risks from a domestic resurgence of infections and volatility in global financial markets continues. - FY2021-Q2WorsenedAnnual report
「During the six-month period ended 31 May 2021 (1 December 2020 to 31 May 2021), Japan's economy remained in a severe condition due to the impact of COVID-19. Although the domestic economy continued to show signs of recovery, it was necessary to monitor the downside risk to the economy from a resurgence of infections in Japan and overseas, as well as volatility in global financial markets.」
While the domestic economy is recovering, emphasis was placed on downside risks from a resurgence of infections and volatility in global financial markets, with severe conditions continuing. - FY2021-Q1Expectations for containment through vaccines and caution regarding financial market volatilityAnnual report
「Conditions remain severe due to the impact of COVID-19. Although the spread of vaccines is expected to contain the pandemic and bring economic activity toward normalization, it remains necessary to closely monitor volatility in financial and capital markets.」
While severe economic conditions caused by the pandemic continue, expectations are expressed for containment and normalization through the spread of vaccines, and caution regarding volatility in financial and capital markets also continues. - FY2020-Q3Severe economic conditions alongside signs of a partial recoveryAnnual report
「During the nine-month period ended 31 August 2020 (1 December 2019 to 31 August 2020), Japan's economy remained in a severe condition due to the impact of COVID-19. Although some signs of a recovery have recently emerged, it remains necessary to closely monitor the effects of the pandemic on domestic and overseas economies, financial market volatility and deteriorating US-China relations.」
While caution regarding COVID-19, financial market volatility and deteriorating US-China relations continues, some signs of an economic recovery have also been observed. - FY2020-Q2WorsenedAnnual report
「During the six-month period ended 31 May 2020 (1 December 2019 to 31 May 2020), Japan's economy was in an extremely severe condition due to the impact of COVID-19. Following the lifting of the state of emergency, social and economic activity was being gradually increased, but it was necessary to closely monitor the effects of a resurgence of infections, volatility in financial and capital markets, and renewed deterioration in US-China relations, and the extremely severe conditions were expected to continue for the time being.」
Economic conditions were extremely severe due to COVID-19, and the continuation of severe conditions was expected because of a resurgence of infections, financial market volatility and deteriorating US-China relations. - FY2020-Q1WorsenedAnnual report
「A moderate recovery is expected to continue, supported by various policies, but concerns about a recession across the global economy have increased as COVID-19 has spread, creating a business environment in which the outlook is difficult to assess.」
In addition to the previous uncertainty in overseas economies and financial markets, explicit mention was made of concerns about a global recession and the difficulty of assessing the outlook resulting from the spread of COVID-19. - FY2019-Q3RestatedAnnual report
「Although signs of a slowdown are evident in the global economy against the backdrop of the US-China trade dispute and other factors, the recovery trend is expected to continue, supported by resilient private consumption.」
While the slowdown in the global economy against the backdrop of the US-China trade dispute continues to be documented, expectations are expressed for a recovery trend in the domestic economy supported by private consumption. - FY2019-Q2MaterialisedAnnual report
「During the six-month period ended 31 May 2019 (1 December 2018 to 31 May 2019), Japan's economy continued to recover moderately, but exports declined and capital investment was restrained amid the US-China trade dispute, raising concerns about an economic slowdown.」
In addition to the previously noted uncertainty in the global economy and financial markets, the decline in exports and restraint on capital investment resulting from the US-China trade dispute were documented as actual economic conditions. - FY2019-Q1MaterialisedAnnual report
「During the first quarter cumulative period under review, from 1 December 2018 to 28 February 2019, the Japanese economy was recovering moderately, supported by private consumption and capital investment, although exports showed weakness due to the slowdown in the Chinese economy.」
The weakness in exports caused by the slowdown in the Chinese economy was noted as the actual economic manifestation of the previously identified concern over slowing emerging-market economies. - FY2018Explicit identification of US-China trade issues and US rate hikesAnnual report
「At the same time, attention must be paid to concerns over volatility in financial and investment markets caused by uncertainty in the global economy, including US-China trade issues, and US rate hikes.」
In addition to the previously cited uncertainty in the global economy and financial markets, US-China trade issues and US rate hikes were explicitly identified as downside factors. - FY2018-Q3Concerns over protectionism and monetary policy developmentsAnnual report
「Although the escalation of conflict among countries over protectionism and the impact of monetary policy developments are a concern, a recovery in the domestic economy is expected to continue, driven by private demand.」
In addition to the previously cited uncertainty in overseas economies and financial markets, escalating conflict over protectionism and monetary policy developments are identified as factors of concern. - FY2018-Q2Greater specificity on US monetary policy, rising interest rates and geopolitical risksAnnual report
「Although economic downside caused by US economic policy, rising interest rates and geopolitical risks in the Middle East, North Korea and elsewhere is a concern, a recovery trend is expected to continue, particularly in the corporate sector, driven by expanding exports and increased capital investment.」
In addition to the previously cited uncertainty in overseas economies and financial markets, US economic policy, rising interest rates and geopolitical risks in the Middle East, North Korea and elsewhere were specifically identified as downside factors. - FY2018-Q1Explicit identification of Western monetary policy and Asian geopolitical risksAnnual report
「Although downside risks from developments in Western monetary policy and geopolitical risks in Asia are a concern, a moderate recovery is expected to continue, supported by resilient private consumption, expanding strong corporate performance and increased exports.」
In addition to the previously cited uncertainty in overseas economies and financial markets, developments in Western monetary policy and geopolitical risks in Asia are specifically identified as downside factors. - FY2017-Q3Addition of geopolitical risksAnnual report
「During the third quarter cumulative period under review, from 1 December 2016 to 31 August 2017, the Japanese economy was affected by the outlook for emerging-market economies, including China, volatility in financial and capital markets, and rising geopolitical risks. However, with domestic employment and income conditions continuing to improve, the economy was expected to recover moderately.」
In addition to the outlook for emerging-market economies and volatility in financial and capital markets, rising geopolitical risks were explicitly identified as factors requiring attention. - FY2017-Q2RestatedAnnual report
「At the same time, although attention must be paid to concerns over the outlook for the global economy and policy developments in the United States and China, a moderate recovery is expected to continue, supported by improving employment and income conditions and resilient private consumption.」
Concerns over the outlook for the global economy and policy developments in the United States and China are cited as factors requiring attention, while expectations for a moderate recovery supported by employment and income conditions and private consumption are reiterated. - FY2017-Q1RestatedAnnual report
「Although attention must be paid to uncertainty in overseas economies and volatility in financial and capital markets, a moderate recovery is expected to continue.」
Uncertainty in overseas economies and volatility in financial and capital markets are identified as factors requiring attention, while expectations for a moderate recovery are indicated. - FY2016RestatedAnnual report
「The outlook for the global economy has become more uncertain because of concerns over slowing emerging-market economies, the UK's withdrawal from the EU and the direction of US economic policy under a new president. However, a moderate recovery is expected to continue, supported by resilient private consumption against a backdrop of steady improvements in employment and income conditions.」
In addition to slowing emerging-market economies and the UK's withdrawal from the EU, uncertainty over US economic policy is cited as a downside factor for the global economy. - FY2016-Q3More specific risk factorsAnnual report
「Although there are concerns over financial market volatility related to the UK's withdrawal from the EU and economic downside from slowing emerging-market economies, a moderate expansion is expected to continue, supported by increased capital investment against a backdrop of recovering corporate earnings and resilient private consumption under improving employment and income conditions.」
In addition to the previously cited financial market volatility and slowing emerging-market economies, the UK's withdrawal from the EU is specifically identified as a downside factor for the economy. - FY2016-Q2First statedAnnual report
「Although there are concerns over economic downside from slowing emerging-market economies and financial market volatility, a moderate recovery is expected to continue, supported by improved corporate earnings and resilient private consumption.」
Slowing emerging-market economies and financial market volatility are cited as downside factors for the economy, but no impact on actual business performance is noted.